Wednesday 10 February 2016

EPIC RESEARCH MCX ZINC UPDATE OF 10 FEBRUARY 2016

12:03:00

Zinc futures bit the dust on Tuesday, with prices tanking nearly 3 per cent in the domestic market as investors and speculators exited positions in the industrial metal amidst weak physical demand for zinc in the domestic spot market. Further, a surprise in dip in industrial output in Germany signaled worries over the health of Europe’s biggest economy, dimming the demand outlook for the industrial metal. German industrial output fell 1.2 per cent in December 2015 from the previous month, when it declined a revised 0.1 per cent. Meanwhile, weak demand from China, the world’s biggest metals consumer, continued to weigh as businesses, markets and factories in the country remained closed due to the Lunar New Year holidays. At the MCX, Zinc futures for February 2016 contract closed at Rs 114.55 per kg, down by 2.92 per cent after opening at Rs 118, against the previous closing price of Rs 118. It touched the intra-day low of Rs 111.8.
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